Zuger Kantonalbank Leads Crypto Services Among Swiss Cantonal Banks

Zuger Kantonalbank, the oldest cantonal bank in Switzerland established in 1892, has made a significant step by becoming the first such institution to provide cryptocurrency services. In collaboration with Sygnum Bank, the bank is launching trading and storage for six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC), and Uniswap (UNI).

With assets amounting to CHF 18.6 billion (approximately $20.6 billion), Zuger Kantonalbank is utilizing Sygnum’s API-driven B2B protocol to enable cryptocurrency trading on its mobile platform. This protocol is already in use by over fifteen banks globally. Customers holding debit and custody accounts can now trade and store these digital currencies without the necessity of an external wallet or a third-party exchange.

This initiative aligns with a broader trend of increasing cryptocurrency acceptance among significant entities. Major players such as BlackRock, WisdomTree, and Coinbase have also made strides in this area, with Coinbase recently introducing XRP futures for non-U.S. clients, in addition to spot Bitcoin ETF applications and the Atlanta Federal Reserve recognizing XRP as an "international payment medium."

Zuger Kantonalbank primarily serves the Zug region in Switzerland, which is recognized as a center for blockchain and cryptocurrency enterprises. This new service offering positions the bank in line with the evolving financial landscape of its community.

This article was generated with AI assistance and reviewed by an editor.